Amagi Media Labs (AMAI.BO): Management meeting takeaways: Robust growth and margin outlook

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Amagi Media Labs (AMAI.BO): Management meeting takeaways: Robust growth and margin outlook

Equity Research

22 June 2026 | 11:39AM IST

Amagi Media Labs (AMAI.BO): Management meeting takeaways: Robust

growth and margin outlook

We hosted an investor call with senior management of Amagi Media Labs. Manish Adukia, CFA

+91(22)6616-9049 |

Management sounded upbeat on the outlook for industry growth, and Amagi’s manish.adukia@gs.com

Goldman Sachs India SPL

positioning within it that should help drive healthy revenue growth along with margin

Raghav Vashishth

expansion for the company. Recent events (announced media M&A or live sports) are +91(22)6616-9743 |

business as usual for Amagi, though 1H of the fiscal year tends to be seasonally raghav.vashishth@gs.comGoldman Sachs India SPL

weaker for Amagi. Lastly, Amagi continues to have a proactive approach towards AI, Sumangala Lnu

working closely with its clients to create solutions and it expects near-term +91(22)6616-9045sumangala.lnu@gs.com|

investments in AI to continue. Goldman Sachs India SPL

We expect Amagi’s revenues to grow at a 20% FY26-30E revenue CAGR, at the

higher end of global SaaS peers. Additionally, we view Amagi’s business model as

characterized by high operating leverage, and forecast margins to reach 20% by

FY30E (10% in FY26), implying a 42% FY26-30E EBITDA CAGR, with a broadly similar

FCF trajectory. We are Buy rated on the stock.

Our initiation report here.

Detailed takeaways

Industry dynamics favourable: Per management, the macro environment for Amagi

continues to be strong, with key tailwinds that include structural shift towards

streaming, continued migration to the cloud, and rising prevalence of ad-supported

models, all of which benefit the company. While over the medium term, any